Tesco chief executive Philip Clarke is poised to sell its US Fresh & Easy business just four months after putting the loss-making chain under review.
Tesco hired consultants Greenhill to undertake a strategic review of the 220-store chain in December.
Chief executive Philip Clarke is expected to fly to the US after the Easter weekend to confirm the deal and the sale is expected to be unveiled at Tesco’s full-year results on April 17.
Tesco has invested £1bn in the US venture which opened under former chief executive Sir Terry Leahy in 2007. However, the retailer has yet to return a profit amid the economic downturn which has hampered sales.
Tesco started selling off Fresh & Easy refrigeration units, walk-in coolers, tables and sinks earlier this month, the newspaper reported.